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Brad Huggins from Wellington spoke briefly regarding the Enduring Assets Fund and the 6% return <br />for 2016. Despite interest sensitivity, which tends to be short term, we managed to have returns <br />come back to us. He stated that usually after a 1 year cycle, generally returns come in higher than <br />expected. He then touched on the top 3 enduring assets; electric, telecom services, and gas utilities <br />and how they are currently weighted. <br />Steve expressed minor concern and is a bit hesitant on how Wellington handles interest sensitivity <br />based on what was reported by Brad. Alan feels that Wellington still manages in a way that is <br />beneficial to our needs. Blair remains a concern with the Board. Too much exposure in the Foreign <br />Currency Market. The risk is very fundamental, but it appears their strategy is the issue at hand. <br />Steve and the Board feel Blair needs to come in and explain positioning, because it feels like they <br />doing things status quo. <br />Projection is for Blair to come in for April 27th meeting. Acadian and Fidelity will be invited to the <br />March 27th meeting. <br />Funding was approved for new manager Kayne Anderson Rudnick. The Board all voted in favor to <br />transfer $6,000,000.00 from Hartford once approval is received from PERAC. A decision still needs <br />to be made on a transfer of the remaining Hartford balance, possibly to Acadian and/or Matthews. <br />It would boost our non-U.S Equity holdings, however, it could pose a risk of not seeing decent <br />foreign currency returns in the future. The Board will speak at the March 27th meeting regarding <br />Hartford Fund. <br />Fossil Fuel Company exposure was 4.4% to close out 2016. That represented 117 total securities <br />invested in fossil fuels, excluding the overlapping securities. <br />Board meeting concludes at 10:00 AM. <br />The next Board meeting will be on Monday March 27, 2017 at 8:00 AM in Cary Memorial Library. <br />Robert Cunha, Chairman Alan Fields, Appointed Member <br />Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member <br />Frederick Weiss, Appointed Member <br />